A Union Leader Who Claims That "Higher Wages Increase Living

question 23

Multiple Choice

A union leader who claims that "higher wages increase living standards without causing unemployment" believes that the demand for labour is

• A)income elastic.
• B)income inelastic.
• C)perfectly elastic.
• D)perfectly inelastic.
• E)unit elastic.

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Definitions:

Freight-in

Costs associated with transporting inventory to the company, which are typically added to the cost of inventory.

Post-Closing Trial Balance

The final step in the accounting cycle that lists only permanent accounts in the ledger and their balances after adjusting and closing entries have been posted.

Income Statement

A financial report detailing a company's revenues, expenses, and profits or losses over a specific period, demonstrating financial performance.

General Journal

A primary accounting record where financial transactions are entered in chronological order, before posting to accounts in the general ledger.